OREANDA-NEWS. May 30, 2012. Recently, Mr Xu Lejiang, Chairman of Baosteel Group met with the visiting Vice President of COSCO Group Mr. Li yunpeng and COSCO bulk Group vice chairman, and general manager Mr. Xu Zunwu and his delegation in Baosteel Tower. Both parties made full exchange on the development situation of China steel industry, shipping market prospects, and deepening cooperation matters. Mr. Wang Liqun, assistant general manager of Baosteel, and general manager of raw material procurement center also attended the meeting.

On December 21th last year, in order to promoting bulk transportation system reform, COSCO Group set up COSCO Bulk Shipping (Group) Co., Ltd. (referred to as "COSCO bulk Group"). COSCO bulk Group set up separate business platform in Beijing and Hong Kong, which is responsible for all the intragroup self owned vessels and control boat operation, achieving and unified managerial decision-making, unified market operation, unified customer management, and unified market information.

During the meeting, Mr. Xu Zunwu briefly introduced COSCO bulk Group's operation and his views on shipping market prospects. Mr. Li Yunpeng appreciated Baosteel's long-term support and help for COSCO Group development and expressed the committement to reduce transportation costs for customers, and provide a full range of first-rate service in the future.

Mr. Xu Lejiang said that as centrally-administered state-owned enterprise, both parties have the responsibility to take the first step on structure adjustment and growth mode transformation. He hoped that both parties will further strengthen the communication and exchange cooperation to jointly cope with severe challenges brought by market volatility under global financial crisis.